NAICOM grants coy approval to operate as state composite microinsurance

NAICOM grants coy approval to operate as state composite microinsurance
United Bank for Africa

The National Insurance Commission (NAICOM), has granted approval to Casava Microinsurance Ltd., to operate as a State Composite Microinsurance company.

Mr Rasaaq Salami, the Head, Commissioner’s Directorate of NAICOM said this in a statement on Wednesday in Abuja.

Salami said the approval would allow the company transact Life and General insurance business in Lagos State only.

He said the move was one of NAICOM’s continued efforts at deepening insurance penetration and increasing insurance points in the country.

Our correspondent reports that Casava Microinsurance Ltd., is emerged top among several applications received in the commission from individuals and corporate entities requesting registration as microinsurance operator in Nigeria.

By this approval, the company thus becomes the second full-fledged standalone microinsurance operator in Nigeria.